EURJPY Plunges Beneath 126.00 Level Rapidly on ECB’s Exchange Comments

EURJPY Price Analysis – December 11

EURJPY has plunged sharply after increasing towards 126.61 level. The currency pair breached the 126.00 mark level during Friday’s trading session. EURJPY has been grinding lower after the ECB decision and Villeroy’s comments on the euro exchange rate.

Key Levels
Resistance Levels: 127.50, 127.07, 126.68
Support Levels: 126.00, 125.00, 123.90
EURJPY Long-term Trend: Bullish
The exchange rate fell from 126.68 barriers and bearish traders may likely continue to push the EURJPY down during the next trading session. However, the 126.00 support level could support the exchange rate in the medium term.

A further advance is expected as long as the support level at 119.31 remains unchanged. A break of 127.07 could target a 61.8% recovery from 137.49 (high) to 114.39 at 127.50. Further trading beyond this level could target the next level of 137.49. However, a solid breakout of 119.31 could provide confidence that the rally from 114.39 has ended and brought attention back to that low.
EURJPY Short term Trend: Ranging
EURJPY is still in a range from 126.68, and initially, intraday bias remains neutral. Another rise is expected as the resistance at 125.13 remains support. On the other hand, a decisive break of 127.07 will resume full gains from 114.42.

The next target will be the mid-term level of 128.67. On the other hand, a break of revised support at 125.00 could reverse the downtrend to widen the range from 127.07 with another phase of decline.

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